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The Latest Breaking News from the Congressional Budget Office

US Congress debates last-minute spending bill to avert government shutdown

Nonessential government functions are expected to shutter on Saturday unless a government spending bill can be passed.

Al Jazeera

Keeping These Tax Cuts Is a Bad, Expensive Idea

Everyone loves lower taxes, but cutting them without reducing spending is bad news for the national debt.

Reason

The Impact of Trump's Cost-Cutting Initiative Hinges on What He Means by 'Government Efficiency'

Narrowly understood, the president-elect's familiar-sounding plan to tackle "massive waste and fraud" may not give us "smaller government" in any meaningful sense.

Reason

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CBO: Fiscal 2024 budget deficit was $1.8 trillion - Roll Call

The federal deficit clocked in at $1.8 trillion for fiscal 2024, according to the Congressional Budget Office.

Roll Call

Denmark gets Novo Nordisk to lower Ozempic prices

As Congress pushes for Medicare to cover anti-obesity drugs, puzzlement remains about who should get them, for how long, and at what price.

Fortune

Federal Budget Deficit Forecast Jumps $400 Billion, Fueled by Student Debt Forgiveness

The Congressional Budget Office reports the 2024 budget deficit will near $2 trillion.

Reason

CBO Projects Record-High Deficit And Debt Levels

Congressional Budget Office report reveals a 0 billion increase in federal budget deficit, reaching record debt levels, posing challenges for future law...

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CBO: Deficits and inflation higher, but so is economic growth - Roll Call

The fiscal situation has worsened, with spending higher than expected and revenue lower, the Congressional Budget Office said.

Roll Call

Congressional Budget Office projects a $400 billion increase in this year’s federal deficit

The Congressional Budget Office said Tuesday that it projects a federal budget deficit increase of $400 billion or 27% this year, from its last budget outlook released in February

The Independent UK

How Immigration is Helping Boost the Labor Market Without Overheating it and Stoking Inflation

Increased immigration can boost the breakeven rate of the so called neutral payrolls growth. What this means

Latin Times

Latino Unemployment Rate Drops With Another Blowout Report that Exceeds Expectations

Concretely, the rate decreased to 4.5%, a little over the general one, at 3.8%

Latin Times

Immigration's Economic Impact: A Deep Dive Into Labor, Housing And Productivity Trends

The surge in immigration has sparked a complex interplay between economic growth, labor dynamics, and housing challenges.

International Business Times

Immigration Could Reduce the Deficit by at Least $1 Trillion Over the Next Ten Years

But the Congressional Budget Office projection assumes we will not cut immigration levels, as is likely to happen if Trump returns to power.

Reason

How Increasing Immigration Can Reduce the Deficit

And why the Congressional Budget Office does a poor job of making those estimates.

Reason

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The Independent UK

Congressional Budget Office projects lower inflation and higher unemployment into 2025

The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserve’s 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years

The Conversation

Congress needs to pass 12 funding bills in 11 days to avert a shutdown – here’s why that isn’t likely

U.S. senators and representatives returning from their summer vacations will need to shake off their suntans in quick time and get down to business.

Zenger

The “Inflation Reduction Act” Will Do Almost Nothing That Joe Manchin Says It Will

By James D.

The Independent UK

Congressional Budget Office predicts slower economic growth and 4.7% unemployment into 2024

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024

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Reason

Biden's Latest Student Loan Scheme Has a Bigger Price Tag Than Originally Projected

The administration’s SAVE plan for student loan forgiveness is estimated to cost $475 billion.

Tribune News Service

Editorial: Budget agency pours ice water on Biden parade

How fitting that the Congressional Budget Office released its long-term fiscal projections Wednesday, the same day that President Joe Biden began his economic rehabilitation tour.

The Independent UK

US public debt is projected to reach 181% of American economic activity in 30 years

The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers

Salon

Budget loophole for Pentagon slush fund

Despite debt ceiling compromise, the Pentagon will continue to prove exempt from ceilings of any sort

Roll Call

Debt limit package passes House, heads to Senate - Roll Call

The House passed a bill Wednesday night to suspend the debt limit past the 2024 elections, sending the measure to the Senate.

Salon

What GOP got for pushing US to the brink

Republicans didn’t get most of what they sought in a bill they passed in April – though they did get some of it

The Conversation

COVID-19 clawbacks, spending caps and a cut – what House Republicans got in return for pushing the US to the brink of default

House Republicans pushed the U.S. to the edge of a fiscal crisis because they wanted deep cuts in government spending.

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